Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:2:3 ratio (in percents: Hunter, 50%; Folgers, 20%; and Tulip, 30%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $330,000; Folgers, $231,000; and Tulip. $165,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $165,000, $185,000, $135,000 for her. equity using partnership cash. (Do not round Intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $165,000. Note: Enter debits before credits Dobit Credit Transaction General Journal Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5.2:3 ratio (in percents: Hunter, 50%; Folgers, 20%; and Tulip, 30%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $330,000; Folgers, $231,000; and Tulip $165,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $165,000, $185,000 $135,000 for her equity using partnership cash. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) es View transaction list Journal entry worksheet 2 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $185,000. Note: Enter debits before credits Debit Credit Transaction General Journal Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5.2:3 ratio (in percents: Hunter, 50%; Folgers, 20%; and Tulip, 30%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $330,000; Folgers, $231.000; and Tulip. $165,000. Prepare journal entries to record the retirement of Tulip under independent assumption Assume Tulip is paid $165,000, $185,000, $135,000 for her equity using partnership cash. (Do not round Intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $135,000. Note: Enter debits before credits Debit Credit General Journal Transaction (c)
